Core Insights - The asset management business has become a key competitive arena for securities firms during the strategic transformation towards high-quality development, with a reported scale of 5.79 trillion yuan as of the end of October, reflecting an increase of over 320 billion yuan since the beginning of the year [1][2]. Group 1: Growth and Structure - The private asset management industry of securities firms has shown a structural optimization characterized by active growth and a reduction in channel business, with total product scale reaching 5.79 trillion yuan, an increase of 325.28 billion yuan, or 5.95% [2]. - Collective asset management plans, as the core vehicle for active management transformation, have seen their scale rise to 3.27 trillion yuan, an increase of 370.87 billion yuan, or 12.81%, now accounting for 56.4% of the total scale [2]. - In contrast, single asset management plans focused on channel business have decreased to 2.52 trillion yuan, down by 45.58 billion yuan, with their share shrinking to 43.6% [2]. Group 2: Product Structure - Fixed-income products continue to be the cornerstone of the private asset management scale, reaching 4.72 trillion yuan, which constitutes 81.55% of the total, with an increase of 198.83 billion yuan, or 4.42% [3]. - Mixed products account for 11.58% of the total scale, while equity products and futures/derivatives represent 6.27% and 0.6%, respectively [3]. - The registration data for products further confirms the deepening trend of active management transformation, with a cumulative registration scale of 383.60 billion yuan for the first ten months, where collective asset management plans accounted for 61.59% [3]. Group 3: Future Outlook - The asset management scale of securities firms has stabilized and rebounded, driven by the dual forces of deepening active management transformation and recovering market demand, indicating a robust development trend [4]. - Analysts predict that by 2026, the asset management business is expected to achieve simultaneous breakthroughs in scale expansion and revenue growth, supported by the implementation of long-term mechanisms and enhanced active management capabilities [4]. - The focus will be on enhancing the inclusivity of long-term capital in the capital market, which is essential for expanding brokerage and asset management businesses [4]. Group 4: Diversification Strategies - To align with policy directions and capitalize on market opportunities, the industry must diversify equity product types and establish a multi-faceted product matrix [5]. - The policy environment is expected to enhance the diversity and investability of index investments, guiding the issuance of index and enhanced index equity products [5]. - The future development direction will focus on enriching product categories based on traditional fixed-income investments and promoting active management transformation through subsidiary establishment or acquisitions [5].

Core Insights - The total scale of private asset management products by securities firms reached 5.73 trillion yuan by the end of September, an increase of approximately 2687.33 billion yuan since the beginning of the year, reflecting a growth rate of 4.92% [1] - Actively managed collective asset management plans have seen significant growth, with their scale rising to 31,957.89 billion yuan, an increase of 3004.97 billion yuan, representing a growth rate of 10.38% and accounting for 55.73% of the total scale of private asset management products [1] - The scale of single asset management plans, primarily focused on channel business, decreased to 25,386.32 billion yuan, a reduction of 317.63 billion yuan, making up 44.27% of the total scale [1] Industry Overview - The total scale of private asset management products across securities and futures institutions reached 12.46 trillion yuan by the end of September, a decrease of 1210.08 billion yuan from the previous month, reflecting a month-on-month decline of 0.96% [1] - The breakdown of private asset management product scales includes 5.73 trillion yuan from securities firms and their asset management subsidiaries, 4.79 trillion yuan from fund management companies, 904.88 billion yuan from fund subsidiaries, and smaller amounts from other entities [2] - Fixed income products dominate the investment types, with 17,550 products accounting for 44.7% of the total number, and a total scale of 8.93 trillion yuan, representing 71.7% of the total asset management scale [2]

Core Insights - The total scale of private asset management products by securities firms reached 5.73 trillion yuan as of the end of September, marking an increase of approximately 2687.33 billion yuan or 4.92% since the beginning of the year [1][2] - Actively managed collective asset management plans have seen significant growth, with a scale of 31,957.89 billion yuan, an increase of 3004.97 billion yuan or 10.38%, accounting for 55.73% of the total scale of private asset management products [1] - Single asset management plans, primarily focused on channel business, decreased to 25,386.32 billion yuan, a reduction of 317.63 billion yuan, representing 44.27% of the total scale [1] Detailed Breakdown - The scale of private asset management products by various entities is as follows: securities companies and asset management subsidiaries at 5.73 trillion yuan, fund management companies at 4.79 trillion yuan, fund subsidiaries at 904.88 billion yuan, private subsidiaries of securities companies at 638.31 billion yuan, futures companies and their asset management subsidiaries at 389.91 billion yuan, and private subsidiaries of fund management companies at 6.29 billion yuan [2] - In terms of investment types, fixed income products dominate both in quantity and scale, with 17,550 products accounting for 44.7% of the total number, and a total scale of 8.93 trillion yuan, representing 71.7% of the total asset management scale [2]

Core Insights - The brokerage asset management business is accelerating its return to active management fundamentals, with a notable increase in the scale of private asset management products [1][2] Group 1: Asset Management Scale and Growth - As of the end of September, the scale of brokerage private asset management products reached 5.73 trillion yuan, an increase of approximately 2687.33 billion yuan since the beginning of the year, reflecting a growth rate of 4.92% [2] - The scale of actively managed collective asset management plans rose to 31,957.89 billion yuan, with an increase of 3004.97 billion yuan, representing a growth rate of 10.38% and accounting for 55.73% of the total scale of brokerage private asset management [2][3] - In contrast, the scale of single asset management plans, primarily focused on channel business, decreased to 25,386.32 billion yuan, down by 317.63 billion yuan, continuing a downward trend [2] Group 2: Product Supply and Market Trends - The success of the active management transition is validated by new product data, with a total of 3,536.12 billion yuan in newly filed brokerage private asset management products in the first three quarters of the year [2] - Among these, the scale of collective asset management plans accounted for 2,189.76 billion yuan, representing 61.93% of the newly filed products, indicating a dominant position in the market [2] Group 3: Future Outlook and Structural Optimization - Analysts expect that the brokerage asset management business will continue to grow in both scale and revenue, with a stabilization trend anticipated by 2026 [3] - The implementation of asset management regulations has led to a continuous decline in channel-type asset management scale, while the proportion of collective asset management has been steadily increasing, highlighting a clear trend towards active management [3] - Policy support, particularly for small and medium-sized brokerages, is expected to facilitate the development of the asset management business, with new regulations encouraging differentiated development paths [3]

Group 1 - The private asset management market in China experienced significant recovery in September, with the number of registered products reaching a nearly nine-year high, indicating a rebound in market vitality and a profound change in capital flow and institutional strategies under the current macroeconomic environment [1] - Securities companies and their asset management subsidiaries emerged as the market leaders in September, with a total of 1,537 registered products and a total scale of 47.675 billion yuan, accounting for nearly 60% of the market [1] - Collective asset management plans became the main force behind this expansion, with a scale share of 68.32%, while single asset management plans, despite having a higher number of registrations, showed smaller average scales, reflecting a trend towards smaller and more diversified products to meet varying investment needs [1] Group 2 - Fixed income products maintained a dominant position in the market, with their establishment scale accounting for over 50% in September and a share of 71.7% in the total existing scale of 12.46 trillion yuan by the end of September [3] - Equity products showed low levels of new registrations and scale share in September, indicating a cautious market attitude towards equities, while mixed products remained active and important in the market [3] - Despite the active registration activities in September, the overall existing scale of the market saw a slight decline of 0.96%, with brokerage and fund systems remaining the two main pillars of the market, holding shares of 46.02% and 38.42% respectively [3] Group 3 - A senior financial researcher noted two main trends in the private asset management market: a concentration towards leading firms, with securities asset management gaining larger market shares, and a shift towards stability, as evidenced by the dominant position of fixed income products reflecting investors' preference for certainty in the current economic environment [4] - The structural differentiation observed may continue, with the market transitioning from a focus on scale expansion to a more quality-oriented and refined development phase [4]

Core Insights - The securities industry in China showed significant growth in the first half of 2025, with total operating income reaching 251.036 billion yuan, a year-on-year increase of 23.47%, and net profit of 112.280 billion yuan, up 40.37% [1][2] Revenue Structure - Proprietary trading remains the largest source of income, contributing 39.93% of total revenue, followed by brokerage business at 30.44%, net interest income at 10.45%, investment banking at 6.62%, and asset management at 4.52% [1][2] Business Growth - Brokerage business experienced the highest growth rate, with revenue of 76.413 billion yuan, a 46.02% increase year-on-year, and its revenue share increased by 4.7 percentage points [2] - The average net commission rate for securities trading was 0.215%, continuing a downward trend [2] Asset Management - The total scale of asset management business reached 9.35 trillion yuan, a year-on-year increase of 0.93%, with actively managed products and public funds showing significant growth [3] - The scale of collective asset management reached 2.96 trillion yuan, and public funds reached 1.18 trillion yuan, with a combined growth of 3.74% [3] Equity Financing - The securities industry facilitated equity financing of 735.081 billion yuan, a 4.6-fold increase year-on-year, primarily due to increased fundraising through additional share issuance [5] - A total of 33 companies were served for IPOs, raising 19.7 billion yuan, with the Sci-Tech Innovation Board, Growth Enterprise Market, and Beijing Stock Exchange accounting for 64.71% of the total IPOs [5] Internationalization - The internationalization of securities companies accelerated, with 36 overseas subsidiaries established, and total assets reaching 1.64 trillion Hong Kong dollars, a 20.45% increase [6] - Cross-border business stock reached 948.1 billion yuan, a year-on-year increase of 21.37%, with significant trading volumes in Hong Kong and mainland stock markets [6] Foreign Investment - The industry saw an increase in foreign investment, with 16 foreign-controlled securities firms, total assets of 53.28 billion yuan, and net assets of 29.63 billion yuan, reflecting increases of 10% and 6.96% respectively [7] - Foreign securities firms reported total operating income of 4.36 billion yuan and net profit of 710 million yuan, with year-on-year increases of 19.88% and 5.8 times respectively [7]

Core Viewpoint - The Chinese securities industry showed significant growth in the first half of 2025, with a total operating income of 251.04 billion yuan, a year-on-year increase of 23.47%, and a net profit of 112.28 billion yuan, up 40.37% [2][4]. Revenue Structure - Proprietary trading remains the largest source of income, contributing 39.93% of total revenue, followed by brokerage business at 30.44%, net interest income at 10.45%, investment banking at 6.62%, and asset management at 4.52% [4][5]. Business Growth - Brokerage business experienced the highest growth rate, with revenue reaching 76.41 billion yuan, a year-on-year increase of 46.02%, and its revenue share increased by 4.7 percentage points [4][5]. Cost Reduction Initiatives - The industry actively implemented "fee reduction and commission lowering" policies, leading to a decrease in the average net commission rate for securities trading to 0.0215% [5]. Asset Management Optimization - The total scale of asset management business reached 9.35 trillion yuan, a year-on-year increase of 0.93%. The scale of actively managed products and public funds increased, while single asset management scale decreased to 3.08 trillion yuan, down 8.33% [7]. Wealth Management Transformation - The industry is accelerating its transformation in wealth management, with the scale of financial products sold reaching 3.8 trillion yuan, up 23.88%, and net income from investment consulting at 3.24 billion yuan, up 25.11% [7]. Equity Financing Growth - The securities industry facilitated equity financing of 735.08 billion yuan, a year-on-year increase of 460%, with 33 companies successfully listed through IPOs, raising 19.7 billion yuan [9]. International Expansion - The internationalization of securities companies is accelerating, with 36 overseas subsidiaries established, total assets reaching 1.64 trillion HKD, and cross-border business stock increasing by 21.37% [11].

Group 1 - The core viewpoint of the news is the significant growth in private asset management products in July, with a total of 1,874 products registered, marking a month-on-month increase of 33.95% and a year-on-year increase of 113.44% [1] - The total establishment scale reached 105.97 billion yuan, reflecting a month-on-month growth of 93.58% compared to June's 54.74 billion yuan [1] - Securities companies and their asset management subsidiaries accounted for the highest proportion of registered products and establishment scale, with 1,209 products registered and a scale of 53.87 billion yuan, representing over 50% of the total [3] Group 2 - In terms of product types, collective asset management plans accounted for over 70% of the establishment scale, with 859 collective plans and 1,015 single plans registered, with establishment scales of 78.53 billion yuan and 27.45 billion yuan respectively [3] - The mixed product category had the highest number of registrations at 892, while fixed income products had the largest establishment scale at 68.93 billion yuan, and equity products had the lowest registration and scale [3] - As of the end of July, the total scale of private asset management products reached 12.48 trillion yuan, an increase of 385.38 billion yuan from the previous month, reflecting a month-on-month growth of 3.19% [4] Group 3 - The number of existing collective and single asset management plans was 19,661 and 18,145 respectively, with collective plans accounting for 52% of the total number and 50.75% of the total scale [4] - The average management scale for various types of institutions was as follows: securities companies and their asset management subsidiaries at 60.79 billion yuan, private subsidiaries at 8.49 billion yuan, and fund management companies at 35.12 billion yuan [4]

Core Viewpoint - The report highlights a significant divergence in the asset management scale and performance among listed securities firms as they disclose their semi-annual reports for 2025, with some firms experiencing growth while others face declines [1][2]. Asset Management Scale - As of June 2025, the total scale of private asset management products by securities and futures institutions reached approximately 12.09 trillion yuan, with securities firms and their asset management subsidiaries accounting for about 5.52 trillion yuan, a year-on-year decrease of 4.8% but a 1% increase compared to the end of 2024 [2]. - Notable growth in asset management scale was observed in firms like Guoyuan Securities, which saw an increase of 10.96% to 248.29 billion yuan, and Xibu Securities, which grew by 10.48% to 395.17 billion yuan [2][3]. - Conversely, Shanxi Securities' asset management scale decreased by 9% to 601.99 billion yuan, primarily due to a significant drop in public fund scale [3]. Performance and Profitability - The report indicates a mixed performance in profitability among securities firms, with many experiencing declines. For instance, Dongzheng Ronghui reported a 22.34% decrease in total revenue, while Guoyuan Securities saw a 28.32% drop in net income from asset management [5][6]. - Some firms, like Shanxi Securities' Shan Zheng Asset Management, managed to achieve a net profit of 0.49 billion yuan, reflecting a slight increase of 4.25% despite a decrease in scale [7]. - First Venture's asset management revenue increased by 9.55% to 6.24 billion yuan, indicating a positive trend in certain firms [8]. Future Development Trends - The future of securities firms' asset management is expected to focus on obtaining public fund business licenses and enhancing differentiated product offerings and research capabilities [9]. - Firms are encouraged to strengthen their active management capabilities and improve research levels as they transition their collective products towards public offerings [9]. - The recent regulatory changes emphasize the importance of equity asset management product scales, providing opportunities for both leading and smaller firms to enhance their competitive positions [10].

Core Viewpoint - The brokerage asset management business is accelerating its return to active management, with a continuous clearing process of channel business and a significant recovery in the scale of private asset management products. Group 1: Market Trends - As of the end of April, the scale of brokerage private asset management products reached 5.43 trillion yuan, reversing the decline trend since February, with an increase of over 100 billion yuan in April alone [1] - The proportion of actively managed collective asset management plans has risen to 54.07%, indicating ongoing structural optimization and transformation towards active management in the brokerage asset management business [2][3] Group 2: Product Structure - The scale of actively managed collective asset management plans increased to 2.93 trillion yuan, with a growth of 1,127.94 billion yuan, representing a 4% increase [2] - Fixed income products remain the mainstay of growth, with a scale of 44,770.01 billion yuan, accounting for 82.49% of the total, and an increase of 1,195.9 billion yuan, or 2.74% [2] Group 3: New Product Launches - In the first four months of this year, the total establishment scale of brokerage private asset management products was 1,341.75 billion yuan, with collective asset management plans accounting for 61.08% [3] Group 4: Revenue and Fee Trends - Analysts expect that the brokerage private asset management business will continue to grow in the second half of the year, despite a slight decline in revenue in the first quarter [4] - The adjustment of fees for collective asset management products is expected to stabilize, leading to steady growth in fees and revenue for brokerage asset management [4] Group 5: Strategic Focus - Brokerage firms are exploring various asset strategies, including quantitative, derivatives, and overseas investments, to meet diverse investor needs [5] - Recent regulatory changes are expected to promote the development of asset management businesses among small and medium-sized brokerages, encouraging them to explore differentiated development paths [5] Group 6: Future Outlook - Analysts predict a downward trend in asset management fees due to policy encouragement for public funds to reduce fees and the ongoing popularity of passive investment strategies [6]